Financial care planning - specialist advisers

There are some regulated financial advisers who specialise in care funding advice. They are often called specialist care-fee advisers.

Specialist care-fee advisers can help you to think about your options when paying for your long-term care. They are regulated by the Financial Conduct Authority (FCA) and they may be accredited members of the Society of Later Life Advisers (SOLLA).

What your adviser needs to know

Your specialist care-fee adviser will ask you questions so they can understand your needs and circumstances. They will put any recommendations in writing. They may ask you questions about:

your level of care needs and the attitude of your family

current and future care needs

your current income (including unearned income) and benefits

your marital status

the location of your family and friends

your assets, in particular shares or other investments liable for Capital Gains Tax

your property ownership

commitments that could reduce the value of your assets or your estate

your attitude towards risk

the potential cost of nursing care or the care home you have chosen

Finding an adviser

The council is not able to recommend financial advisers or give financial advice. You may already have an independent financial adviser or know someone who can recommend one to you.

The Society of Later Life Advisers (known as SOLLA) can help you to find an adviser in your area who is qualified to offer independent advice and who specialises in financing long-term care and equity release.

Some advisers are members of the Buy with Confidence scheme which means they are approved by Trading Standards as being legal, honest and fair.

Cost of an adviser

The cost of an adviser depends on where you live, your situation and the level of advice you need.

In some cases you could pay between £75 and £250 an hour for their services. It's important to make sure you ask up-front how much their advice is going to cost, and whether it's a fixed fee, or based on the time they spend working for you.